MANILA: A new report by the Asian Development Bank (ADB) has revealed that developing Asian countries could be adversely affected by the US tariffs, and Pakistan is also among the significantly affected countries in this potential economic pressure.
According to the report, Pakistan is the 14th largest country in the world to be hit by US tariffs, while it ranks third in South Asia. The US government has imposed an average tariff of 29% on Pakistani products, which is considered to be a very high rate in the region.
According to the ADB report, the highest tariff in Asia is imposed on Cambodia at 49%, Sri Lanka at 44%, and Bangladesh at 37%. India is subject to a 26% tariff, while Afghanistan, Maldives, Nepal, and Bhutan are subject to a 10% tariff.
The report further noted that copper, medicines, semiconductors, and wood items have been exempted from the additional tariff; however, the possibility of increasing the tariff on energy and pharmaceutical products has also been indicated.
According to the Asian Development Bank, the US government’s move will be an additional burden in addition to the existing tariffs, which are mainly aimed at controlling America’s growing trade deficit.
